Suncorp is set to announce a “significant restructure” which could result in 10% of jobs axed at the insurer, according to the Australian Financial Review.

Its Street Talk section says today that management consultants have reviewed the business and staff have been told 5-10% of jobs could go.

Some workers will be redeployed but “a significant number” are expected to leave the organisation, which employs 13,500.

Suncorp would not confirm the report, but a spokesman told insuranceNEWS.com.au that embedding the new operating model will result in changes.

“We are continuing to realign teams around our new operating model, announced on 1 July 2020,” he said.

“Ongoing change is likely as we continue to implement the new model and given the challenging environment.”

As insuranceNEWS.com.au has previously reported, former CEO Insurance Gary Dransfield left on July 17 as leadership of the insurance division was split in two, with Lisa Harrison appointed as Insurance Product and Portfolio CEO and Paul Smeaton as COO Insurance.

EGM Intermediaries Andrew Mair also left after the Commercial and Intermediary Distribution teams were combined.